Principle Cleaning Services has transferred the majority of its shares to its 2,300 employees through the creation of an employee ownership trust (EOT).
Founded in 1989 by executive chairman Douglas Cooke, the window cleaning business formed an EOT in order to secure its long-term future while creating an effective platform for growth and retaining its position as an independent business.
All of Principle’s employees, whether full or part-time, were included in the transaction and will benefit from future profit sharing. They can receive an annual bonus of £3,600 per employee per year, which comes under a tax-free allowance.
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According to the business, the EOT will allow it to continue its ethos of caring for its workforce and acting for their benefit, preserve and build upon its legacy, maintain its core identity, and further enhance its offering to clients through an inclusive team approach.
Cooke said: “This is a fantastic transaction, which preserves the legacy of the business I founded more than 30 years ago and places the future development of Principle in the hands of our 2,300 staff. They are our most important asset, many of whom have long service with Principle, including some with more than 25 years.
“To have been able to include our people in the ownership of the business gives me immense pride and will, I am certain, ensure its stability and prosperity for many years to come.”
Since its inception, Principle Cleaning Services has launched programmes that support its employees’ mental health, wellbeing, reward and recognition, and training and development in order to assist them personally and professionally. It also became an accredited living wage employer in 2014.